Law.a person who upon his or her own petition or that of his or her creditors is adjudged insolvent by a court and whose property is administered for and divided among his or her creditors under a bankruptcy law.
2.
any insolvent debtor; a person unable to satisfy any just claims made upon him or her.
3.
a person who is lacking in a particular thing or quality: a moral bankrupt.
adjective
4.
Law.subject to or under legal process because of insolvency; insolvent.
5.
at the end of one's resources; lacking (usually followed by of or in ): bankrupt of compassion; bankrupt in good manners.
1530s, from It. banca rotta, lit. "a broken bench," from banca "moneylender's shop," lit. "bench" (see bank (1)) + rotta "broken, defeated, interrupted" from (and remodeled on) L. rupta, fem. pp. of rumpere "to break" (see rupture). "[S]o called
from the habit of breaking the bench of bankrupts" [Klein]. The verb is first recorded 1550s.